Two Strathclyde University graduates thought they had a £100,000 investment from entrepreneur Peter Jones.
Last night, it appeared they had homed in on a fortune after appearing on the BBC show Dragons’ Den to seek funding for their tracking device.
Vincenz Klemt and Raj Sark won the investment from Jones in return for a 30% stake in their business.
The pair demonstrated to the Dragons how their gadget works by connecting objects like car keys with a mobile phone via Bluetooth so one can be used to find the other if lost.
The Lupo, which since their appearance on the show has been rebranded as Xupo, is a coined-shaped object that can be hung on a key-ring or placed inside a bag or wallet and connects to your phone via Bluetooth and an app.
When pitching to the Dragons on Sunday’s show, Vincenz and Raj admitted their idea is not unique – as there are many tracking devices on the market.
But they said it is their software that helps them stand out from the crowd giving their product a long-lasting battery and a range of over 50m.
Peter Jones said he was impressed and offered the £100,000 investment: “I like what you have done.
“I think you have got what it takes and you understand the market really well. The window of opportunity is now and based on that I am going to make you an offer.”
But at around 9pm last night, Jones tweeted: “My investment with My Lupo didn’t go through as some issues arose during due diligence. I still wish Raj all the best in the future.”
Early this morning, the BBC was still reporting the pair’s pitch as a success.